BP has posted £9.5bn ($12.8bn) in annual income because it advantages from increased oil and fuel costs amid requires a windfall tax on the sector.
The oil large rebounded to its highest revenue in eight years after recording its largest ever annual loss in 2020.
The corporate reported $4.07bn of income within the remaining three months of 2021 alone, up from simply $115m in the identical interval a yr earlier.
BP’s bumper income announcement got here after rival Shell additionally reported robust earnings on the identical day UK households discovered common payments would go up virtually £700 a yr.
Vitality payments for hundreds of thousands of consumers are set to rise greater than 54 per cent in April after regulator Ofgem raised its power worth cap.
Oil corporations’ large income have intensified public stress for increased taxes on the sector.
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Nonetheless, the federal government has firmly rejected Labour and Liberal Democrat calls for for a windfall tax to assist fund the prices of monetary help for struggling households and companies.
Whereas households face a squeeze, oil firm shareholders are reaping huge advantages.
BP additionally introduced it will purchase again one other $1.5bn (£1.1bn) of shares and pay a dividend of 5.46 cents (3.37p) a share for the fourth quarter.
Ed Miliband, shadow secretary of state for local weather and internet zero, stated: “BP’s outcomes but once more exhibit the case for a windfall tax.
“The boss of BP described the power worth disaster as a money machine for his firm, and the individuals supplying the money are the British individuals by means of rocketing power payments.
“In these circumstances, it is just honest and proper for oil and fuel producers to make a further contribution to serving to the hundreds of thousands of households dealing with a real monetary disaster.”
Liberal Democrat chief Sir Ed Davey stated: “It merely can’t be proper these power corporations are making tremendous income while persons are too scared to show their radiators on and terrified there will likely be a chilly snap.
“A windfall tax is one of the simplest ways to get cash to the individuals who want it rapidly, but in addition to verify there’s some sense of belief and proportionality within the system.”
Alongside its outcomes, BP additionally introduced plans to spice up its spending on low-carbon and renewable power.
Chief govt Bernard Looney stated: “2021 exhibits BP doing what we stated we’d – performing whereas reworking.
“We have strengthened the steadiness sheet and grown returns, we’re delivering distributions to shareholders with 4.15 billion US {dollars} of buybacks introduced and the dividend elevated, and we’re investing for the long run.”
Kaynak: briturkish.com
